PetroTal Corp on Thursday reported a healthy uptick in oil production as it aims to ‘continue to deliver’ in the new year.
The Calgary, Canada-based firm focused on oil and gas development in Peru said corporate production averaged around 19,150 barrels of oil per day in the final quarter of 2024, up 26% from the 15,203 bopd it had reported for the third quarter.
The company said it extended the current exploration period for block 107 to February 2027.
‘PeruPetro has updated the current exploration period for Block 107 to February 2027, after reviewing the force majeure periods, which will give us ample time to undertake an exploration program at the high-impact Osheki-Kametza prospect,’ said Chief Executive Officer Manuel Zuniga-Pflucker. ‘Peru’s oil industry is open for business, and we continue to see plenty of interesting business development opportunities in the country.’
Looking ahead, he said: ‘We are in the final stages of approving our 2025 budget and guidance update and look forward to providing more details on January 16. PetroTal delivered on its growth and return of capital objectives in 2024, and we will continue to deliver for investors in 2025.’
PetroTal shares rose 1.8% to 36.65 pence each late on Thursday morning in London.
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